Press release
Narcotics Scanner Market Analysis and Forecast with a CAGR of 6.6% (2021-2030)
Narcotics Scanner Market
The growth of the global narcotics scanner market is driven by surge in consumption of drugs and related materials across the globe and modernization of the law enforcement agencies in developing countries. Growing requirement for improved security against the narcotics threats by using smart technologies is the key factor that is expected to fuel the growth of the narcotics scanner market during the forecast period. In 2020, by considering the end use of the narcotics scanner, airport segment garnered the leading market share. Moreover, ion mobility spectrum technology is expected to witness a leading market growth and dominate the market share during the forecast period.
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In addition, market participants are entering into long term agreements and contracts with end users such as law enforcement agencies to gain competitive advantage in the global market. Asia-Pacific dominated the narcotics scanner market in 2020. The U.S., Germany, China, and India are expected to be the emerging countries in the global narcotics scanner market. The global narcotics scanner market is a fairly fragmented market with several number of players operating in the global market. Majority of the market participants are strategically involved in agreement, contract, expansion, merger, and product launch activities.
Increase in cases of smuggling worldwide and surge in alcohol and drug consumption drive the growth of the global narcotics scanner market. However, prohibition of drug tests at workplaces in some countries hinders the market growth. On the other hand, technological advancements and agreements & contracts with law enforcement and military agencies present new opportunities in the next few years.
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The spread of the COVID-19 pandemic has negatively impacted the global narcotics scanners market. Overall, drug supply and trafficking proved to be resilient to COVID-19-related change. In all regions, the quantities of drugs seized decreased significantly during the second quarter of 2020, but resumed at the same or even increased levels soon after. The demand for narcotics scanner is directly associated with adoption of smart technologies for detection of the narcotic materials across the globe.
Based on region, Asia-Pacific held the largest share in 2020, accounting for more than one-third of the total share. However, North America is estimated to portray the highest CAGR of 7.8% during the forecast period.
Leading players of the global narcotics scanner industry analyzed in the research include Astrophysics Inc., Aventura Technologies, Inc., Bruker Corporation, FLIR Systems Inc., Klipper Enterprises, Nuctech Company Ltd., OSI Systems, Inc., Smiths Group PLC, Thermo Fisher Scientific Inc., and Viken Detection.
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